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Finding Money When an Emergency Happens: A Quick Guide for Moms

Unanticipated emergencies can happen at any time. A sudden house eviction notice, losing your job, unexpected medical bill, or natural disaster can create a situation requiring you to raise money quickly. According to a survey, about six out of ten Americans experience one financial emergency a year, and about 51% don’t have enough money to cover three months’ expenses.

This can be extremely difficult for mothers who manage the house and look after the family. The following  are a few ways to earn some quick cash.

 

  • Selling Old Items 

 

Selling old items is one of the simplest methods of making money. A well-known proverb is “one man’s trash is another man’s treasure.” Items including old electronics, clothes, furniture, and decorations around the house can help you generate income. You can sell them on online platforms such as Instagram, Facebook, eBay and many more. A garage sale is a popular  option as it enables you to sell items directly from your house. Another advantage of selling old items is that you can declutter your home. Keeping only valuable items will help you organize your home and maintain neatness. 

 

  • Emergency Loans

 

Having no savings can leave you financially vulnerable to unexpected events. Emergency loans are worth considering on these rainy days and especially for mothers. Lenders urge people to opt for small loan funds with less interest, as they are easier to repay. Personal loans, credit card advance cash and payday loans are just a few types. 

●    Personal Loan

A personal loan is a form of loan that enables you to borrow money for practically anything, which makes it very useful for an array of emergencies. Most banks, credit unions, and online lenders offer personal loans. Some lenders even provide same-day funding when approved. Interest rates can range anywhere from single digits to 40 percent or more. This loan typically includes a predetermined date by which it must be repaid. 

●    Payday Loan 

A payday loan is an alternative to a personal loan. It is taken in case of an urgent need until you receive your next paycheck. It usually has a due date of almost two weeks or close to your payday. One huge disadvantage is that sometimes it can accumulate to the point where repayment becomes challenging. So, conducting thorough research is important when taking such a loan. 

●    Credit Card Advance Cash

If you have a credit card available, you might be able to convert some of your credit into advance cash. The interest rate on this depends on the type of card you have, but be aware that most credit cards charge an upfront fee and sometimes, interest can start building that can be challenging to pay off later. 

 

  • Borrow Against Your 401(k)

 

401(k) is a retirement saving and investment plan. With this scheme money is taken out once a year, provided it is repaid within two months. However, this option should be the last one on your list. One of the biggest problems with borrowing against 401(k) is that if you quit or lose your job, you must pay it back much faster.

 

  • Taking up Odd Jobs

 

Small jobs like mowing somebody’s loan or babysitting a child for a few hours can help you earn additional income during tough times. Delivering food, dog sitting, setting up Christmas lights, and cleaning cars and windows are other jobs you can do as these do not require any expertise. The income might not be much, but it does add up and will surely be sufficient to cover small expenses.

 

  • Non-profit Organizations

 

In times of financial difficulty, non-profit organizations can be tremendously beneficial too. They help set up lending circles with other members. Each participant borrows money in the circle and then pays it back with interest, which is generally low. If you can make this work, this can prove to be a low-cost alternative and can provide immediate relief with some bills. 

 

  • Borrow From Friends or Family

 

Borrowing money from friends or family when in need seems to be the most practical solution. When borrowing money from your family and friends, you don’t need to show any assets in the same way you would when taking loans from banks. As your situation improves, you can pay them back without any interest. 

If you find yourself in a challenging situation, these suggestions can help you quickly raise money. Before making any decision, you should first consider all the possibilities. The best advice is always to arrange finances beforehand. Doing this will make you better prepared and keep you going in any crisis.

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